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Highlights:
- SBI Special Scheme
- Benefits of joining
- High return
SBI Savings Plus Account is a unique savings bank account. It is integrated in the Multi Option Deposit Scheme. Excess money will automatically go into the term deposit after a certain amount exceeds the limit in this account.
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You can open an SBI Savings Plus account with just Rs.1,000. The minimum balance rules also apply to this account. The monthly average balance is Rs 3,000 in metro and urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas. The account can be opened single or jointly.
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You can set a limit on the amount of money in your SBI Savings Plus account. Money beyond the limit is converted into a term deposit. There should be a limit of at least Rs 35,000 per account. If so, the amount will be transferred to the Multi Deposit Account Scheme (MOD). At least Rs.10,000 will be transferred to the MOD account at once.
This term period ranges from one year to 5 years. You can withdraw cash again before the end of your term. Money can be withdrawn from the MOD account when there is no main balance. Until then you will only take interest for the period you keep it. These accounts carry interest of over 5%. There is also a loan facility.
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